Florida Mortgage Approved after Repossession

How to get Florida mortgage lenders in Florida After A Repossession!

Can i get another Florida mortgage lenders after repossession” is a question we get asked a LOT, especially since there’s a high number of people that have recovered and saved enough deposit to buy a Florida home again since the credit crunch. Thankfully the answer is a loud answer is YES if you

  1. Know where to look?  and
  2. You now to meet the Florida mortgage lenders lender criteria in terms of downpayment and credit pay history since your repossession!


Don’t worry! It is possible to find a Florida mortgage lender if you have had a car repossessed in the past, as there are a few Florida mortgage lenders considering these applications and many of them at surprisingly attractive and competitive rates.
These Florida mortgage lenders are looking several key factors in their decision:
A Repossession collection account refers to a Florida mortgage applicant’s loan or debt that has been submitted to a Repossession collection agency by a creditor.
If the credit reports used in the analysis show cumulative outstanding Repossession collection account balances of $2,000 or greater, the Florida mortgage lender must:
• verify that the debt is paid in full at the time of or prior to settlement using an acceptable source of funds;
• verify that the Florida mortgage applicant has made payment arrangements with the creditor and include the monthly payment in the Florida mortgage applicant’s Debt-to-Income ratio (DTI); or
• if a payment arrangement is not available, calculate the monthly payment using 5 percent of the outstanding balance of each Repossession collection and include the monthly payment in the Florida mortgage applicant’s DTI.

Repossession collection accounts of a non-borrowing spouse in a community property state must be included in the $2,000 cumulative balance and analyzed as part of the Florida mortgage applicant’s ability to pay all Repossession collection accounts unless excluded by state law. Unless the lender uses 5 percent of the outstanding balance, the lender must provide the following documentation:
• evidence of payment in full, if paid prior to settlement;
• the payoff statement, if paid at settlement; or
• the payment arrangement with the creditor, if not paid prior to or at settlement.

For manually underwritten loans, the lender must determine if Repossession collection accounts were a result of:
• the Florida mortgage applicant’s disregard for financial obligations;
• the Florida mortgage applicant’s inability to manage debt; or
• extenuating circumstances.

The lender must document reasons for approving Florida mortgage lenders when the Florida mortgage applicant has any Repossession collection accounts. The Florida mortgage applicant must provide a letter of explanation, which is supported by documentation, for each outstanding Repossession collection account. The explanation and supporting documentation must be consistent with other credit information in the file.


Many Bad Credit Florida mortgage applicants don’t realize these Government guaranteed low-interest rate FHA, VA mortgage loans can help home buyers with bad credit. Even If you have a bad credit past and you’re looking for a low Florida mortgage interest rate we may be able to help with one of the following:


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